Bed Retailer Mattressman to Close 14 Stores, Cut 136 Jobs

  • Mattressman enters CVA leading to closure of 14 stores
  • 136 jobs cut as part of restructuring process
  • Sales drop of 15% in April and May
  • Company expects all customer orders to be fulfilled or refunded
  • Mattressman CEO optimistic about future focus on online sales and smaller stores

Mattressman, a bed retailer, has announced it will enter into a Company Voluntary Agreement (CVA) resulting in the closure of 14 out of its 25 stores and the loss of 136 jobs. The company aims to restructure and adapt to the changing retail environment. Despite seeing £1.1m profit grow to £2.6m in the financial year ending March 2018, a recent sales slump led to a 15% like-for-like drop in April and May. Mattressman CEO Andrew Kerry remains optimistic about the future, focusing on online sales and smaller stores in East Anglia. Business rescue specialists McTear Williams & Wood have been appointed to assist with the CVA proposal.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Mattressman’s decision to enter a Company Voluntary Agreement (CVA), the number of store closures and job cuts, the reason for financial difficulties, and the company’s plans to focus on online sales and smaller stores. The CEO’s quote adds credibility to the situation.
Noise Level: 3
Noise Justification: The article provides relevant information about the company’s decision to enter a CVA and the closure of some stores due to financial difficulties. It also mentions the CEO’s perspective on the situation and future plans. However, it lacks in-depth analysis or exploration of long-term trends or consequences for those affected by the decision.
Financial Relevance: Yes
Financial Markets Impacted: Mattressman’s decision to enter a Company Voluntary Agreement (CVA) will impact its employees, suppliers, and potentially affect its creditors.
Financial Rating Justification: The article discusses Mattressman’s financial situation and the company’s decision to close 14 stores as part of a restructuring process, which directly pertains to financial matters and will have an impact on various stakeholders in the business.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk